Net client cash inflows of approximately $9 billion in the third quarter and approximately $17 billion in the year to date, driven by ongoing momentum in alternative strategies
Net Income (controlling interest) of $212 million includes gain of approximately $100 million on Peppertree transaction(i)
Economic Earnings per share of $6.10 in the third quarter, reflecting growth of 27% relative to the prior-year quarter
Strategic collaboration with BBH enhances AMG's position as a leading sponsor of alternative strategies for U.S. wealth marketplace
Share repurchases of approximately $350 million in the year to date, including approximately $77 million in the third quarter
WEST PALM BEACH, Fla., Nov. 03, 2025 (GLOBE NEWSWIRE) -- AMG, a strategic partner to leading independent investment management firms globally, today reported its financial and operating results for the third quarter and nine months ended September 30, 2025.
Jay C. Horgen, Chief Executive Officer of AMG, said:"AMG generated excellent results in the third quarter, with growth of 17% in Adjusted EBITDA relative to the prior-year quarter, driven by the successful execution of our strategy, including most notably our focus on increasing AMG's exposure to alternative strategies, and growth of 27% in Economic Earnings per share, reflecting the additional positive impact of our disciplined capital allocation strategy. Ongoing strong client demand for our Affiliates' alternative strategies drove approximately $9 billion in net inflows in the quarter, and approximately $17 billion in the year to date, further accelerating the evolution of our business profile.
"We continue to actively expand AMG's participation in areas of secular growth. In addition to the four new partnerships with firms managing alternative strategies announced since the beginning of the year, we recently announced a strategic collaboration with BBH, and a related investment in its subsidiary BBH Credit Partners, to develop new products for the U.S. wealth marketplace leveraging BBH's industry-leading structured and alternative credit investment expertise and AMG's product development and distribution capabilities. Our collaboration with BBH highlights the value of AMG's proven capital formation capabilities in the wealth channel and enhances our position as a leading sponsor of alternative strategies for the U.S. wealth market. Looking ahead, we see increasing opportunities to invest in growth and enhance our long-term growth prospects.
"Given the growing cash flow generation of our business; our excellent capital position, further enhanced by the proceeds from recent Affiliate transactions; and our distinct competitive advantages, we have an outstanding opportunity to drive additional earnings growth and create meaningful long-term value for our shareholders."
FINANCIAL HIGHLIGHTS
Three Months Ended
Nine Months Ended
(in millions, except as noted and per share data)
9/30/2024
9/30/2025
9/30/2024
9/30/2025
Operating Performance Measures
AUM (at period end, in billions)
$
728.4
$
803.6
$
728.4
$
803.6
Average AUM (in billions)
711.7
786.9
694.9
745.2
Net client cash flows (in billions)
(2.8
)
8.9
(5.6
)
16.6
Aggregate fees
1,157.1
1,346.0
3,726.8
3,789.8
Financial Performance Measures
Net income (controlling interest)
$
123.6
$
212.4
$
349.5
$
369.0
Earnings per share (diluted)(1)
3.78
6.87
10.25
11.83
Supplemental Performance Measures(2)
Adjusted EBITDA (controlling interest)
$
214.1
$
250.9
$
691.4
$
698.8
Economic net income (controlling interest)
153.2
179.7
495.8
497.6
Economic earnings per share
4.82
6.10
14.90
16.68
For additional information on our Supplemental Performance Measures, including reconciliations to GAAP, see the Financial Tables and Notes.
(i) AMG completed the previously announced sale of its outstanding equity interests in Peppertree Capital Management, Inc. in July 2025; the gain from that transaction is excluded from applicable non-GAAP financial metrics, including Adjusted EBITDA (controlling interest).
Capital Management During the third quarter of 2025, the Company repurchased approximately $77 million in common stock, bringing total year-to-date share repurchases to approximately $350 million. The Company also announced a third-quarter cash dividend of $0.01 per share of common stock, payable November 28, 2025 to stockholders of record as of the close of business on November 13, 2025.
About AMGAMG (NYSE:AMG) is a strategic partner to leading independent investment management firms globally. AMG's strategy is to generate long‐term value by investing in high-quality independent partner-owned firms, through a proven partnership approach, and allocating resources across AMG's unique opportunity set to the areas of highest growth and return. Through its distinctive approach, AMG magnifies its Affiliates' existing advantages and actively supports their independence and ownership culture. As of September 30, 2025, AMG's aggregate assets under management were approximately $804 billion across a diverse range of private markets, liquid alternative, and differentiated long-only investment strategies. For more information, please visit the Company's website at www.amg.com.
Conference Call, Replay, and Presentation InformationA conference call will be held with AMG's management at 8:30 a.m. Eastern time today. Parties interested in listening to the conference call should dial 1-877-407-8291 (U.S. calls) or 1-201-689-8345 (non-U.S. calls) shortly before the call begins.
The conference call will also be available for replay beginning approximately one hour after the conclusion of the call. To hear a replay of the call, please dial 1-877-660-6853 (U.S. calls) or 1-201-612-7415 (non-U.S. calls) and provide conference ID 13756170. The live call and replay of the session and a presentation highlighting the Company's performance can also be accessed via AMG's website at https://ir.amg.com/.
Financial Tables Follow
ASSETS UNDER MANAGEMENT - STATEMENTS OF CHANGES (in billions)
Alternatives
Differentiated Long-Only
BY STRATEGY - QUARTER TO DATE
Private Markets
Liquid Alternatives
Equities
Multi-Asset & Fixed Income
Total
AUM, June 30, 2025
$
149.4
$
181.7
$
321.0
$
118.9
$
771.0
Client cash inflows and commitments
4.1
20.3
11.5
5.2
41.1
Client cash outflows
(0.0
)
(6.3
)
(20.8
)
(5.1
)
(32.2
)
Net client cash flows
4.1
14.0
(9.3
)
0.1
8.9
Affiliate transactions*
(5.3
)
—
—
—
(5.3
)
Market changes
0.3
10.2
17.0
5.9
33.4
Foreign exchange
(0.1
)
(0.9
)
(2.0
)
(0.3
)
(3.3
)
Realizations and distributions (net)
(0.7
)
(0.2
)
(0.0
)
(0.1
)
(1.0
)
Other
—
0.0
(0.1
)
—
(0.1
)
AUM, September 30, 2025
$
147.7
$
204.8
$
326.6
$
124.5
$
803.6
Alternatives
Differentiated Long-Only
BY STRATEGY - YEAR TO DATE
Private Markets
Liquid Alternatives
Equities
Multi-Asset & Fixed Income
Total
AUM, December 31, 2024
$
135.4
$
140.7
$
316.2
$
115.6
$
707.9
Client cash inflows and commitments
15.4
53.0
30.9
15.0
114.3
Client cash outflows
(0.1
)
(17.3
)
(64.4
)
(15.9
)
(97.7
)
Net client cash flows
15.3
35.7
(33.5
)
(0.9
)
16.6
New investments
1.7
12.4
—
—
14.1
Affiliate transactions*
(5.3
)
—
—
—
(5.3
)
Market changes
2.1
13.8
39.0
9.4
64.3
Foreign exchange
0.9
3.4
5.0
1.1
10.4
Realizations and distributions (net)
(2.4
)
(0.2
)
(0.1
)
(0.3
)
(3.0
)
Other
—
(1.0
)
(0.0
)
(0.4
)
(1.4
